Ripple Exec: Libra's Major Flaw Is That It's a 'Walled Garden'

The major flaw in Facebook's planned cryptocurrency, Libra, is that it's a closed system - akin to a "Walled garden."

That's the argument made by Marcus Treacher, Ripple's senior vice president of customer success, in a CNBC interview published on Sept. 27."Walled garden" strategies and the antitrust pushback.

This very strategy has come under fire during recent attempts to take down these ostensibly monopolistic practices by anti-trust campaigners and lawmakers.

The implications for the likes of Amazon, Apple and Facebook - even ahead of its Libra project - are expected to come into sharper view with the conclusion of a major United States antitrust probe now underway.

In leveling his critique against Libra, Treacher claimed that the Ripple network, by contrast, "Has no parameter. It connects with all of the players that want to use the technology."

Libra not intended to replace currencies, says association head. As Treacher acknowledged, global regulators are, arguably, yet more concerned about the potential threat to national fiat currencies that Libra represents - an anxiety that the Libra Association's managing director, Bertrand Perez, today attempted to quell.

Perez further claimed that the cryptocurrency project could help with the fulfillment of multiple.

U.N. sustainable development goals, such as eliminating poverty and reaching gender equality.

The conference reportedly included speakers from the Swiss National Bank and International Monetary Fund, among others.

"Each Libra is deposited one-to-one with traditional currencies and no new money is created. There is no impact on interest and yields. In this sense, the Libra reserve cannot disturb monetary policy."